Endoscopy Equipment Market: Driven by Growing Healthcare Market in Emerging Economies

Pune, India, 2020-Mar-12 — /EPR Network/ — The key factors driving the growth of endoscopy equipment market include growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and growing hospital investments in endoscopy facilities, and technological advancements.

The global endoscopy equipment market to reach $35.23 billion by 2024 from an estimated $25.59 billion in 2019 at a CAGR of 6.6%.

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Opportunity: Growing Healthcare Market in Emerging Economies

Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum estimates these emerging economies will account for around one-third of the global healthcare expenditure by 2020. More than half of the world’s population resides in India and China, owing to which these countries are home to a large patient base.

The increasing burden of cancer, improvements in infrastructure, presence of a less-stringent regulatory environment, and growing medical tourism in these countries are encouraging players in the endoscopy equipment market to increase their presence in emerging countries through expansions or sales and marketing strategies. In July 2016, Olympus opened its Thai-Training and Education Center (T-TEC) in Thailand. This training center is dedicated to delivering endoscopy and surgical training to medical practitioners in the Southeast Asian region.

Currently, several endoscopy equipment manufacturers are setting up their facilities in the Asia Pacific, the Middle East, and Latin America. Key players such as Stryker and KARL STORZ have already set up their manufacturing and R&D facilities in these countries. In addition, market saturation in developed regions, such as North America and Europe, will further compel endoscopy equipment manufacturers to focus on emerging markets in the coming years.

The North America market accounted for the largest share of the endoscopy equipment market

Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment accounted for the largest share of the market in 2018. The large share of North America in the global endoscopy equipment market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy, and the implementation of a new funding model for Canadian hospitals.

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Key Players:

The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).